X Pro 1 - What is the Point?

Now that the furor over the introduction of the X Pro 1 has died down, I wanted to ask here what some Fuji users think of the camera and where it fits in the realm of cameras on the market.

For me, I do not get it, yet.

If I want something the size of the X Pro 1, I would reach for my 5DMkII and its array of lenses. I would get lightening fast auto-focus and superb images at high ISO. Looking at the X Pro 1, I do not understand why I would take this instead.

If I want something very small and light (not pocketable) I would take the NEX-7 which is quite discrete and with its tilting LCD, it can be easily used for stealthy street-shooting.

If I want a rangefinder (and can afford it) I would buy a Leica with many of its great lenses.

Now, I really do appreciate the image quality that Fuji is known for, and while its lenses have traditionally been great, they are still not up to Leica or Zeiss levels.

So, I am left to believe that the Fuji is positioning itself as an entry-level Leica for those unwilling to shell out stupid money for an M9. Is this pretty much other's read on this camera?

I mean this could be a great market, and with their size and technical abilities, Fuji could steal the entire rangefinder market from Leica and significantly enlarge it.